Corbus Pharmaceuticals Holdings Stock Forecast
Corbus Pharmaceuticals Holdings stock upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.
(Updated on May 07, 2024)
The Corbus Pharmaceuticals Holdings stock price gained 2.45% on the last trading day (Tuesday, 7th May 2024), rising from $38.82 to $39.77. It has now gained 8 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 6.42% from a day low at $37.91 to a day high of $40.34. The price has risen in 8 of the last 10 days and is up by 5.38% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 48 thousand more shares were traded than the day before. In total, 152 thousand shares were bought and sold for approximately $6.06 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 33.82% during the next 3 months and, with a 90% probability hold a price between $47.31 and $74.78 at the end of this 3-month period.
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CRBP Signals & Forecast
The Corbus Pharmaceuticals Holdings stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $37.93 and $38.06. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, March 13, 2024, and so far it has fallen -15.53%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Corbus Pharmaceuticals Holdings stock
Corbus Pharmaceuticals Holdings finds support from accumulated volume at $39.24 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.44 between high and low, or 6.42%. For the last week, the stock has had daily average volatility of 5.07%.
Since the Corbus Pharmaceuticals Holdings has been rising for 8 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $37.45 (-5.84%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 38 days ago.)
Trading Expectations (CRBP) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Corbus Pharmaceuticals Holdings to open at $39.34, and during the day (based on 14 day Average True Range), to move between $36.87 and $42.67, which gives a possible trading interval of +/-$2.90 (+/-7.29%) up or down from last closing price. If Corbus Pharmaceuticals Holdings takes out the full calculated possible swing range there will be an estimated 14.58% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $39.24 (1.33%) than the resistance at $40.32 (1.38%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Corbus Pharmaceuticals Holdings will release earnings BMO on Tuesday, May 14, 2024.The consensus among the analysts for the expected earnings (EPS) is -$1.09. We will update the financials statements for Corbus Pharmaceuticals Holdings, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 10.60% in the first trading day after earnings release.
Is Corbus Pharmaceuticals Holdings stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Corbus Pharmaceuticals Holdings stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.799 Buy Candidate Upgraded
Predicted Opening Price for Corbus Pharmaceuticals Holdings of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $39.34 ( 1.09%) | $39.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CRBP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 41.77 | 5.04 % | |
| R2 | 40.84 | 2.70 % | ||
| R1 | 40.27 | 1.25 % | ||
| Current price: | 39.77 | |||
| Support | S1 | 38.41 | -3.42 % | |
| S2 | 37.83 | -4.87 % | ||
| S3 | 36.90 | -7.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 44.93 | 12.97 % | |
| R2 | 43.68 | 9.83 % | ||
| R1 | 40.32 | 1.38 % | ||
| Current price | 39.77 | |||
| Support | S1 | 39.24 | -1.33% | |
| S2 | 37.74 | -5.10% | ||
| S3 | 30.90 | -22.30% |
FAQ
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